Seashell Looks to Help Curve Inflation With Fintech Platform
Sure the latest initiatives from the Teslas, Apples and Googles of the industry tend to dominate the tech news space — and with good reason. Still, the tech titans aren’t the only ones bringing innovation to the sector.
In an effort to highlight up-and-coming startups, Built In launched The Future 5 across 11 major U.S. tech hubs. Each quarter, we will feature five tech startups, nonprofits or entrepreneurs in each of these hubs who just might be working on the next big thing. Read our round-up of Seattle’s rising startups from last quarter here.
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Banks often have limitations on what people can do with the money they have stored on their respective platforms. One common limitation is withdrawal limits. Moving money to crypto platforms was another limitation that was recently blocked by some banks until recently. Besides limitations on spending ability, banks also have very low yields for people who store their money in a traditional bank account, and with today’s inflation, the low APR on saving accounts further limits customers.
Seattle-based Seashell is building a platform that helps users grow their money faster than traditional alternatives, according to the company. It offers higher interest rates than traditional banks and does so through diversified investments. The startup already has the backing of entrepreneur Mark Cuban too.
“Seashell’s mission is to build a secure and accessible ecosystem where money grows and moves freely. Current companies and products in traditional finance, and even within fintech, restrict the flow of money. There are various points of friction, various constraints on what you can and can not do with your own money,” Daryl Hok, CEO and founder of Seashell, told Built In over email.
Seashell was founded in 2021 and its name pays homage to the history of seashells as they were one of the first forms of currency. The fintech startup offers an alternative solution to traditional savings and investments. Unlike a traditional bank, the high-yield platform offers three to five percent interest rates to users who keep their money on the platform. Seashell works with financially-regulated digital lending institutions to give users access to higher yields.
Seashell’s mission is to build a secure and accessible ecosystem where money grows and moves freely.”
Seashell recently emerged from stealth and closed an oversubscribed seed round that netted the company $6 million in funding in January. The seed round was co-led by Khosla Ventures and Kindred Ventures. Cuban also participated in the round as did Robinhood CEO Vlad Tenev and other angel investors.
“Mark [Cuban] has been a big help in amplifying Seashell’s legitimacy as a startup. When thinking about investors, Seashell is conscious about bringing on those that can add value beyond just a check. Mark’s public perception and trusted brand helps to build trust with our users,” Hok said.
Besides attracting notable investors to the company, Seashell has also been able to reel in top talent. In just over a year, the fintech startup has been able to attract talent from Google, Snap, Robinhood, BlockFi and Klarna.
Seashell is currently on a waitlist and hopes to launch a beta platform this summer.